Oklahoma Lawmakers Target Soaring Home Insurance Rates

Oklahoma Lawmakers Prepare Reforms as Home Insurance Rates Climb

Oklahoma lawmakers say they plan to introduce new insurance reform bills after a series of interim studies revealed concerns about rising homeowners and auto insurance rates across the state.

Lawmakers Question State’s Ability to Challenge Rates

Sen. Julia Kirt and Rep. Andy Fugate, who led the studies, say Oklahoma law has been interpreted to mean the Insurance Department cannot challenge rate increases, even when costs spike dramatically. They want to clarify that authority and strengthen consumer protections.

Both lawmakers say the state should also examine how credit scores affect auto insurance premiums. Studies show drivers with poor credit — often due to medical bills or job loss — can pay more than drivers with multiple accidents.

Proposals Under Consideration

Kirt and Fugate are exploring options including:

• Allowing the state to review insurance rate changes

• Limiting company profit margins

• Requiring the Insurance Department to publish consumer-friendly performance data, such as claim denial rates and complaint records

• Creating an insurance “report card” system to help consumers compare companies

Attorney General Challenges “Competitive Market” Claim

Attorney General Gentner Drummond has questioned Insurance Commissioner Glen Mulready’s repeated claims that Oklahoma has a “highly competitive” market, saying rising prices indicate the opposite.

Mulready has defended his position but acknowledged he plans to work with lawmakers on homeowners insurance legislation next session.

Ongoing Inquiry at Attorney General’s Office

Drummond’s office confirms it is actively investigating issues raised in his August letter about homeowners insurance costs, though the nature of that investigation has not been disclosed.

Little Clarity on What Comes Next

Legislators on key insurance committees say they have not yet received specific proposals from the Insurance Department. Some expect bills aimed at adjusting the state’s Property and Casualty Loss Cost Rating Act, the law that currently presumes Oklahoma’s insurance market is competitive.

Despite ongoing debate, lawmakers agree that prices continue rising, and reforms will be a major topic during the upcoming legislative session.

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SOURCE: Oklahoma Watch/ story originally by JC Hallman

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